New Issue: CIBC prices $24.73 million trigger callable contingent yield notes with daily observation

By Wendy Van Sickle

Columbus, Ohio, July 31 – Canadian Imperial Bank of Commerce priced $24.73 million of trigger callable contingent yield notes with daily coupon observation due April 22, 2026 linked to the worst performing of the Nasdaq-100 index, the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will pay a contingent quarterly coupon at an annual rate of 11.3% if each index’s closing level is at least 70% of its initial level on every trading day during the observation period.

The notes are callable at par plus any coupon otherwise due on any quarterly observation date.

If the notes have not been called and each index finishes at or above its 60% downside threshold level, the payout will be par plus any final coupon otherwise due.

Otherwise, investors will lose 1% for every 1% that the worst performer finishes below its initial level.

UBS Financial Services Inc. and CIBC Capital Markets are the agents.

Issuer:	Canadian Imperial Bank of Commerce
Issue:	Trigger callable contingent yield notes with daily coupon observation
Underlying indexes:	Nasdaq-100 index, Russell 2000 index, S&P 500 index
Amount:	$24,733,400
Maturity:	April 22, 2026
Coupon:	11.3% per year, payable quarterly if each index closes at or above its coupon barrier level on every trading day during the observation period
Price:	Par of $10
Payout at maturity:	If each index finishes at or above downside threshold level, par plus any final coupon otherwise due; otherwise, lose 1% for every 1% that the worst performer finishes below its initial level.
Call option:	At par plus any coupon otherwise due on any quarterly observation date
Initial levels:	4,522.79 for S&P, 1,951.269 for Russell, 15,713.28 for Nasdaq
Coupon barrier levels:	3,165.95 for S&P, 1,365.888 for Russell, 10,999.3 for Nasdaq; 70% of initial levels
Downside threshold levels:	2,713.67 for S&P, 1,170.761 for Russell, 9,427.97 for Nasdaq; 60% of initial levels
Pricing date:	July 17
Settlement date:	July 20
Agents:	UBS Financial Services Inc. and CIBC Capital Markets
Fees:	1%
Cusip:	13608M530

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